Rather than being growth oriented, the financial statement was focused on debt servicing, he told reporters.
Dubbing the budget as "shadow," and not real, he said it was disappointing that there was "no announcement to generate employment opportunities," when there were one crore unemployed graduates who have registered themselves in exployment exchanges.
"Approximately there is a debt of abour Rs 4 lakh crore. There is, however, no announcement for revenue generation," the DMK chief said.
The fiscal management scenario was tantamout to facing a bad failure in view of the mounting government debt, revenue and fiscal deficits, he said.
During Chief Minsiter K Palaniswami's rule alone loans to the tune of Rs 1,45,064 has been secured pushing the fiscal situation to an "emergency" and putting Tamil Nadu's economic growth clock behind by 25 years, he alleged.
CPI (M) State Secretary K Balakrishnan alleged the budget showed that the state economy has become "bankrupt."
The top Marxist party leader said the budget was shorn of vision and schemes for growth. "The budget is a mere compilation of words...it offers no solution for shrinking job opportunities and farm distress."
The allocations made for poverty alleviation, upgrading urban infrastructure, electricity and irrigation only appeared to be eyewash, he claimed.
No new relief measures have been announced for those hit by cyclone Gaja, and no answers for problems -including debt and absence of renumerative price- faced by farmers.
There was no debt relief for farmers and no plan to ensure the rehabilitation of people affected by cyclone Gaja.
While the "debt touched Rs 4 lakh crore...the government has not clarified as to how it is going to tackle the revene deficit of Rs 44,176 crore."
PMK founder leader S Ramadoss said some projects like the Athikadavu Avinasi for which fund allocation has been made were welcome while the rest were contrary to the people's expectations and hence disappointing.
"Now, the government's debt has jumped to Rs 3,97,000 crore for which the interest alone is over Rs 30,000 crore per annum. The increasing debt and skyrocketing interest is an indicator of administrative inefficiency," Dhinakaran, who is also an MLA representing RK Nagar here, said.
Manithaneya Makkal Katchi said the allocation of Rs 10,559 crore for agriculture was grossly inadequate and claimed that the budget had no utility for the poor and common people.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)